VINCI acquires 20% stake in Budapest Airport, becomes operator

This acquisition fortifies VINCI's European network, now with 26 platforms, incorporating Budapest Airport.

VINCI acquires 20% stake in Budapest Airport, becomes operator
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VINCI Airports, a subsidiary of VINCI Concessions, and Corvinus, an investment fund wholly owned and managed by the Hungarian State, have successfully signed and completed the acquisition of the concessionaire of Budapest Liszt Ferenc International Airport. The acquisition was made from a consortium of sellers, including AviAlliance, Malton, and CDPQ, according to an official release by VINCI.

The total value of the transaction is €3.1 billion (equity value), along with net debt of €1.2 billion. In 2023, EBITDA was €211 million. VINCI Airports and Corvinus acquired Budapest Airport on a pro rata basis and continued with the company's existing debt. The remaining term of the concession extends beyond 55 years, expiring in 2080.

Upon completion of the transaction, Corvinus will own 80% of the concessionaire, while VINCI Airports will hold the remaining 20%, says the release.

Budapest, the capital of Hungary, serves as the country's primary entry point for air travel, with its airport handling 96% of Hungary's air traffic.

In 2023, traffic reached 90% of its pre-sanitary crisis level, while in the first four months of 2024, it exceeded 2019 traffic by more than 8% and 2023 traffic by 19%. The airport also has a positive outlook for the future, particularly in view of the development of tourism in the country, mentions the release.

As the platform operator, VINCI Airports will manage the airport and implement its model designed to enhance the customer experience and support traffic growth through strategic investments. An ambitious action plan will also be initiated to achieve net zero emissions by 2030. With this acquisition, VINCI Airports, already operating in Portugal, the United Kingdom, France, and Serbia, strengthens its European network, which now includes 26 platforms that handled nearly 154 million passengers in 2023, the release added.

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